Standard Life has reported UK pre-tax operating profits up 14% in the first half, driven by lower commission costs as IFAs switch to fee-charging.
UK pre-tax operating profits rose to £87m in the six months to June, up from £76m for the same period in 2010.
"Our focus on those IFAs who are best placed to prosper in the new market environment we are entering, and developing solutions for both them and their clients, has allowed us to grow our intermediary market share without incurring the cost of commission on new business," the insurer said.
Group-wide, Standard Life increased pre-tax profits by 44% to £262m in H1, up from £182m a year earlier. Assets under administration at the group reached the £200bn barrier.
UK new business sales were up 19% to £8bn, and fee business AUA grew by 3% to £102bn. Standard Life said the rise in AUA reflected continued good flows as well as positive market movements.
Standard Life said assets on its platforms is approaching the £11bn mark, with the number of adviser firms using the Standard Life wrap up from 727 to 926 with an average £8.2m per firm, up from £6.1m in 2010.
The insurer said it had delivered £30m of efficiency savings over the period and would seek to take more cost-cutting measures.
It also announced an interim dividend of 4.6p per share, up from 4.35p last year.
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